Refile: BUZZ-Aurora tumbles on $820 mln equity raise; Uber chips in

Aurora Innovation

19/07/2023 20:04

(Corrects typo in headline to $820 mln, not $880 mln)
    ** Shares of self-driving tech co Aurora Innovation Inc
 AUR.O  down 14.4% at $2.76, on course for biggest one-day pct
drop since Jun 9, 2022, after equity raise
    ** Co early Weds said it sold ~73.3 mln shares at $3 for
$220 mln, up from $200 mln, in public offering
    ** Concurrently, co agreed to sell ~222.2 mln shares to
strategic investors, two directors, and new institutional
investors at $2.70 for $600 mln in private placement
    ** AUR on Tues closed at $3.22. Co has 1.18 bln shares
outstanding
    ** Uber Technologies  UBER.N , which teams with Aurora,
indicated to buy up to $74 mln worth of the public offering, per
SEC filing
    ** Co plans to use net offering proceeds from both
transactions for working capital, general purposes
    ** With move on the session, AUR up nearly 130% YTD
    ** Goldman Sachs and Allen & Co led the public offering and
private placement

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))